Builder Magazine is reporting (big surprise!) that multi-family builders were off in 2008 and will be even more off in 2009.  Sadly, we are familiar with the following analysis:

Yes, 2008 was a tough year. All in all, only 15 companies on this year’s list saw their starts go up in 2008. The core of the problem? After the Wall Street meltdown and subsequent stiffening of credit requirements, new lending came to a halt by early fall of 2008. The problem escalated when lenders effectively left developers stranded at the altar—changing terms at the last minute or simply pulling the loan—at the close of 2008, says John A. Schaffer, CFO of Contravest, a Lake Mary, Fla.–based company that started 866 units in 2008, landing it in the No. 38 spot this year.

The full list is available here.